Bitcoin is a popular digital currency familiar to investors in the cryptocurrency market and the financial market in general, but few know that Bitcoin also has “brothers” like Bitcoin Cash, Bitcoin Gold. Today, vietnam-ustrade.org will introduce you to all useful information about Bitcoin Gold:
What is Bitcoin Gold?
Bitcoin Gold or BTG is a coin forked from block 491407 on October 25, 2017, within the Bitcoin blockchain network.
The purpose of creating Bitcoin Gold was to change the mining competition approach to improve Bitcoin’s technology.
Before BTG, there was the first Bitcoin fork called Bitcoin Cash on August 1, 2017.
Bitcoin Gold does not use the PoW (Proof-of-work) algorithm like Bitcoin but uses Equihash within the Zcash network, an algorithm resistant to ASICs, representing an improvement step that helps miners save costs with regular CPU/GPU computers. Miners no longer need to invest in specialized mining machines like Bitcoin.
Why was Bitcoin Gold created?
Bitcoin Gold (BTG) was created with two main goals:
- Build, strengthen the network by changing the coin mining method from PoW algorithm to ASIC-resistant algorithm.
- Free the Bitcoin network from being “taken over” by large companies and organizations, causing BTC to become more centralized. Additionally, address the obstacles faced by miners from ASIC miners. BTG was created to help decentralize the BTC network and attract more investors to join this system.
Differences between Bitcoin Gold and Bitcoin
Bitcoin Gold is a fork of Bitcoin, so there are similarities and differences, specifically:
- BTG uses the Equihash algorithm, so it is mainly mined via CPU, unlike Bitcoin which uses the PoW algorithm mined by ASIC.
- Bitcoin Gold can protect against Replay attacks.
- The mining difficulty of BTG adjusts for each block.
- Before the Blockchain is public, there is a pre-mine process of about 1%, equivalent to 160,000 BTG, distributed to the development team, and then these BTG coins are released into the market for users to trade.
Bitcoin Gold (BTG) exchange rate today
As of the writing of this article on March 31, 2020, on Coinmarketcap, Bitcoin Gold ranks 38th with a price of 1 BTG = $7.20 and other parameters such as:
- Market capitalization: $126,035,751 USD, equivalent to 19,512 BTC
- 24-hour trading volume: $20,849,006 USD, equivalent to 3.228 BTC
- Circulating supply: 17,513,924 BTG
- Maximum supply: 21,000,000 BTG
Where should you store Bitcoin Gold?
Bitcoin Gold has an official storage wallet called Bitcoin Gold Core, supported on Windows, Linux, and Mac OS. Additionally, there is the lightweight and user-friendly ElectrumG wallet platform, available for download via two links below:
- Bitcoin Gold Core
- ElectrumG
Besides the two wallets above, you can consider additional secure and reputable BTG storage services such as:
- Cold wallets: Trezor, Ledger Nano S, regarded as highly secure.
- Mobile wallets: Coinomi, a safe and convenient option.
- Desktop wallets: Exodus, which secures various coins including BTG.
How to own BTG?
You can acquire BTG through various methods:
- Using Paypal: First purchase BTC with Paypal, then exchange BTC to BTG via exchanges like Binance, Okex, etc.
- Cash: You need to buy BTC with cash and then use services like Changelly or Binance to convert to BTG.
- Via BTC: Easily trade BTC for BTG on any exchange supporting Bitcoin Gold.
- Via Skrill: This method is only for European citizens; BitPanda allows direct purchase of BTG with Skrill.
- Via Ethereum: Exchange ETH for BTG on exchanges like Binance, etc.
Which exchanges should you trade BTG on?
Bitcoin Gold is a popular digital currency listed on many major and minor exchanges worldwide. In Vietnam, you can also trade BTG on black markets, but this is unsafe and unreliable. Here are some international exchanges that support Bitcoin Gold:
HitBTC Binance Bitfinex Bithumb Sistemkoin OKEx Vebitcoin Upbit Exmo Bitinka Indodax P2PB2B Bitibu Instant Bitex C2CX Huobi Ovis Exrates YoBit Gate.io Koineks CEX.IO Altcoin Trader Coinone Korbit BitBay Kucoin Trade Satoshi QuadrigaCX DSX Braziliex Bitsane Crex24 BitMarket Bleutrade SouthXchange Negocie Coins Bitlish Coinnest BitFlip Zebpay Graviex BITBOX …
Among these, Binance and HitBTC are recommended for their high trading volume of BTG.
Should you invest in Bitcoin Gold in 2020?
Bitcoin Gold previously attracted considerable investor interest during the hard fork event, reaching a peak of $474 per BTG, nearly 66 times higher than current prices. Overall, BTG has a clear roadmap and a substantial community, but a drawback is that the development team is not fully transparent, which makes some investors feel insecure.
Additionally, the event when Bittrex decided to delist Bitcoin Gold in September 2018 due to hacking attacks affected the platform’s system and investor confidence, though nearly 30 other exchanges still list BTG.
Since this is a subjective evaluation, vietnam-ustrade.org provides only objective information for investors to analyze and make their own decisions.
Conclusion
The above article introduces what Bitcoin Gold is, how it differs from Bitcoin, whether to invest in BTG in 2020, with the hope of providing valuable information. Wishing you success with Bitcoin Gold!
See more: What is Ripple (XRP)?
